FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mr. Joyful owes $7320 now and $3156 in 5 months. After re-arrangement of payments, he agreed to pay $X in 12 months and $2X in

Mr. Joyful owes $7320 now and $3156 in 5 months. After re-arrangement of payments, he agreed to pay $X in 12 months and $2X in 24 months from now. Determine the value of $X with j12=7.91% per annum.

a.

$13420.82

b.

$4438.64

c.

$3924.56

d.

$3940.85

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions

Question

=+independent, then E[ F(Y)] + E[G(X)] = 1+ P[X=Y].

Answered: 1 week ago

Question

★★★★★
In early 2009, Bennett, Inc., offered a substantial number of new common shares to the public. Harvey Helms had a long-standing interest in Bennett because his grandfather had once been president of...

Answered: 1 week ago

Question

★★★★★
Mason Company has two manufacturing departmentsMachining and Assembly. The company considers all of its manufacturing overhead costs to be fixed costs. It provided the following estimates at the...

Answered: 1 week ago

Question

★★★★★
Blart Corp. recently paid a dividend of $5.00 per share. Analysts forecast future dividends will increase by 2% forever. The required rate of return that investors demand to hold Blart Corp.'s stock...

Answered: 1 week ago

Question

★★★★★
A newly formed task force to determine how many nurses are needed on each shift meets each week. The task force performance depends on the sum of individual performance, known as [ Select ] ....

Answered: 1 week ago

Question

★★★★★
Consider a game in which two students simultaneously choose effort levels span style="font-family: CambriaMath;font-size:8pt;color:rgb(0,0,0);font-style:normal;font-variant:normal;">, span...

Answered: 1 week ago

Question

★★★★★
You own a fast food business that only serves burgers, fries, and soft drinks. Part 1: Create a process flow chart for the order process from the time the customer approaches the counter to the time...

Answered: 1 week ago

Question

★★★★★
A politician develops legislation to increase economic equity. Their opponent refutes the legislation, saying, "He is a billionaire, so how can his policy be legitimate?" What kind of misdirection...

Answered: 1 week ago

Question

★★★★★
Please read the article in the link below and answer the questions. https://kdvr.com/news/macys-typo-leads-to-1500-necklace-being-sold-for-47/ Macy's typo leads to $1,500 necklace being sold for $47...

Answered: 1 week ago

Previous Question Next Question